Powerful retail banking franchise in Spain. Lower credit risk profile than the Spanish banking system average. Balanced funding structure and limited reliance on wholesale funding. Business concentration in Spain, which still faces higher economic risks than peers. Operating performance remains modest. Significant exposure to market risk through its large equity portfolio. Our stable outlook on CaixaBank indicates that, although we expect the bank's business and financial profiles to gradually benefit from Spain's more favorable economic environment, improvements are unlikely to be material enough to warrant an upgrade over the next 12-18 months. We anticipate that CaixaBank's profitability will gradually strengthen, supported by higher revenues, cost-efficiency measures, and lower credit impairments. As a result, we expect our RAC ratio for CaixaBank
